What is it?
A mortgage that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac is a jumbo mortgage. In 2019, any mortgage written over the amount of $484,350 would qualify as jumbo.
Who can it help?
If you are looking to purchase a higher-priced luxury home and you have a low debt-to income ratio with higher credit scores a jumbo mortgage may be the best option. You can improve your monthly payment by putting enough money down to put your mortgage below the conforming loan limit.